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First Data Corporation binding corporate rules approved
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14 November 2011 saw First Data Corporation become the 11th entity to have binding corporate rules (BCRs) approved by the UK’s Information Commissioner’s Office (ICO).
First Data Corporation is a global electronic commerce and payment processing company. As a payment processor, secure handling of data is at the heart of First Data’s business. First Data has business operations in 35 countries and serves more than 6 million merchant locations, thousands of card issuers and millions of consumers worldwide. First Data is the first payment processor to have achieved BCR approval. Time will tell, but while it maintains this distinction, this may give it a significant advantage over its competitors at a time when data privacy issues, including some recent high profile data breaches and regulatory settlements, are never far from the news and the handling of personally identifiable data continues to be subject to a high level of scrutiny by regulators across the globe.
According to First Data’s Chief Executive Officer Jonathan J. Judge: “Data privacy is fundamental to the success of our business, and we’re deeply committed to protecting the information entrusted to us by our clients and employees alike. We have high standards for data privacy, and this recognition from exacting European regulators demonstrates our global leadership in data protection compliance.”